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Mutual-to-stock conversions are facing new hurdles, as evidenced by events at a pair of Massachusetts mutuals. Depositors at Beverly Bank recently rejected its proposed conversion, while Reading Co-op Bank changed its bylaws to make it more difficult to convert.
August 19 -
Beneficial Mutual Bancorp in Philadelphia, which dates back to 1853, is the latest old-school mutual thrift to announce plans for a second-step conversion to a fully public stockholder company.
August 14 -
Beneficial Mutual Bancorp in Philadelphia is the subject of a governmental investigation into its residential real estate lending.
April 25
Beneficial Mutual Bancorp in Philadelphia reported a nearly 50% increase in third-quarter net income led by the sale of nonperforming assets.
Beneficial Mutual reported Friday that it earned $6.5 million, up approximately 46% from a year earlier. Earnings per share totaled nine cents, beating estimates from analysts polled by Bloomberg by four cents.
The company's assets have dipped nearly 5%, to $4.6 billion, since the beginning the year, primarily from a planned runoff of municipal and time-deposited cash. The company has
Net interest income was $29.4 million, a 4% decrease year over year. Losses on investments, as well as low interest rates on outstanding loans to customers, drove the decline. Still the company was able to increase its net interest margin by eight basis points, to 2.89%, year over year.
This past quarter the company earned $7.2 million in noninterest income, a 29% year-over-year increase from selling nonperforming loans. The company recorded a $1.7 million decrease in noninterest expenses from those sales.
